Members of Virgin Australia's Velocity Frequent Flyer and Singapore's KrisFlyer programmes must be grinning from ear to ear by now as they will soon be able to convert their points either way depending on their membership affiliation.

On top of that, holders of KrisFlyer Miles will be able to convert their points to Velocity points enabling Australian travelers to earn Velocity points, rather indirectly, with carriers like Air Canada, Lufthansa, Thai Airways, and United Airlines.

This arrangement is said to be a pioneering collaboration between the two airlines, allowing the conversion of points from one loyalty programme to another.

The conversion rate, however, shall be known this month along with additional details as to the manner of swapping points between the two programs. The launch of the scheme is set on November this year.

The swapping of points are only limited, however, to both Velocity points and KrisFlyer miles. Status credits by Velocity and Elite Miles by Singapore Airlines are still off limits to conversion.

Members of both programmes, though, can still enjoy other benefits offered by either airline such as lounge access and prioritized check-in process.

Currently, Velocity members can't use their Velocity points to upgrade their seats to business class with Singapore Airlines. Likewise, they can't use the points to book award travel with most other airlines who are members of Star Alliance. Furthermore, they can't also use their points to redeem flights for the luxurious Suites Class on Singapore Airlines' A380.

The solution? Convert them to KrisFlyer miles. With your Velocity points converted to KrisFlyer miles, you'd be able to book award flights in any of the Star Alliance member-airlines with partners like Air China, Eva Air, and Thai Airways.

What's more? With your KrisFlyer miles, you are now be able to upgrade to business class or even first class?whichever suits your fancy; that is, if you fly with Singapore Airlines or its alliance partners.

Similarly your KrsiFlyer miles won't enable you to upgrade to a business class seat with Virgin Australia unless you convert them to Velocity points. That's how reciprocal scheme works.

While KrisFlyer miles just vanish in the haze if you don't redeem after three years of earning them, Velocity points don't expire as long as you earn or redeem at least once every three years.